2023 Tax Filing Deadline: April 15, 2024 |

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Installment Agreement

When paying your taxes or accumulated interest, fees, or any other payment that you need to make to the IRS becomes a heavy burden, the Internal Revenue Service has an option that not many people have heard of. Of course, as tax professionals, at Mock and Associates we know all the ins and outs of how to deal with the IRS and make sure that you’re treated fairly, but not knowing what to do, or not reaching out to a tax professional can significantly and negatively impact your situation.

Installment agreements are an option provided by the IRS to help you pay your taxes. It’s a negotiated sum of money along with a schedule of payments that are set up to ensure that paying your taxes is not too much of a burden. Additionally, this also helps the IRS ensure that they do indeed receive taxes due, so it’s a healthy compromise on both sides.

IRS Installment Agreement
IRS Installment Agreement

Currently, there are 4 types of installment agreements: guaranteed, streamlined, in business and routine.

Before you do anything, read the following steps to ensure that you’re not missing out what could offer significant help to you and your family.

Are you sure you owe the IRS money?

Before agreeing to an installment agreement, we always review your situation to make sure that you indeed owe them money. Mistakes do happen and  catching those mistakes is a pivotal point in ensuring that you don’t pay more than you owe. We always comprehensively review your situation to make sure the IRS has not made a mistake.

File tax returns and determine a payment plan

We will work with you and the IRS to determine the right amount that will help you pay the amount due. This means reviewing your current financial situation and determining what amount you could afford without negatively impacting your ability to pay your day-to-day living expenses. We also make sure to file your taxes to date and ensure that you are in good standing with the IRS.